These vehicles were rated 10/13mpg in the 80s with part time tcases (full time do worse). It is possible to do better but it is difficult with a carb. I have seen many many mpg threads over the years and I think you are doing very good if you can get 12 in mixed city/hwy.
I have seen some report higher, sure, but do they record mpg at every fill up over months or years? Or is that a high score? Or an optimistic "average" that forgets about the several 9mpg entries going uphill?
Modern drivetrains and vehicles easily do better. But only a little better despite enormous CAFE pressure. How? Overdrive automatics, improved aerodynamics (not a forethough in the late 50s when the Wagoneer body was designed...), modern engine designs, and multiport fuel injection.
Our wagoneers, even those in the 90s ran the same basic 1960's tech. And back then 12mpg was io impressive.
It is hard and/or costly to do better so then the question is, how long before the extra 3mpg pays off?
Edit: a Qjet will probably get you into the 12mpg range without much trouble. Edelbrock, probably not. The 2150 isn't bad but the power valve failing regularly causes major fuel inefficiency.
My TBI average since I got timing dialed in is around high 11s to mid 12s in mixed city/hwy, mixed flat and steep mountain passes. That is with 4" lift, 33" tires on steel wheels, and roof rack. Stock I bet 14mpg would be easy.
sent from my MotoX